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eBook Print Item Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $ 7 3 8 , 0

eBook

Print Item

Balance Sheet Classification

At the balance sheet date, a business owes a mortgage note payable of $

738, 000,

the terms of which provide for monthly payments of $

2, 050 .

How should the liability be classified on the balance sheet?

Current liability: $

Long

-

term liability:

s

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